Gold Seeker Closing Report: Gold and Silver Fall Roughly 6% as Markets Deleverage

	Close	Gain/Loss
Gold	$945.15	-$58.55
Silver	$18.39	-$1.49
XAU	178.16	-7.67%
HUI	447.78	-6.93%
GDM	1351.14	-6.63%
JSE Gold	2609.02	-102.26
USD	72.19	+0.43
Euro	156.44	-1.29
Yen	100.99	-0.83
Oil	$104.48	-$4.94
10-Year	3.362%	-0.089
T-Bond	121.1875	+0.546875
Dow	12099.66	-2.36%
Nasdaq	2209.96	-2.57%
S&P	1298.42	-2.43%

The financial problems revealed at Bear Stearns that may exist at other firms as well has inspired a general deleveraging of investments of all kinds to pay back loans and lower the level of leverage from ridiculously high levels. This has resulted in the selling of everything, whether it is gold and silver, commodities, or stocks. When you can’t sell what you want to sell than you have to sell what you can sell, and normally what tops that list are your winning positions. Gold, silver, and oil are among the few things that have done well for several months and their much anticipated correction came today. The only question now is how long will it last before their bull markets resume? With more financial problems evidencing themselves so frequently it can’t be long before people return to the only real money of gold and silver, and that is just one of many reasons driving them higher.

Gold dropped to $976.27 and silver fell to $19.515 in after hours access trade yesterday before both metals rebounded in Asia and climbed back near unchanged at as high as $997.15 and $20.09 by early trade in London, but they then plummeted for the rest of the session and closed near their lows of $941.07 and $18.177 with losses of 5.8% and 7.5%.

Euro gold fell to about €604, platinum lost $85 to $1905, and copper fell over 11 cents to about $3.66.

There were no major economic reports today. Tomorrow at 8:30AM EST brings Initial Jobless Claims for 3/15 expected at 360,000 and at 10AM is the Leading Economic Indicators report for February expected at -0.3% and the Philadelphia Fed survey expected at -18.0.

Oil fell almost 5% on long liquidation and weak demand levels reported in today’s inventory reports that also saw crude supplies rise 200,000 barrels, gasoline inventories fall 3.5 million barrels, and distillates fall 2.9 million barrels.

The U.S. dollar index continued its bounce higher after yesterday’s smaller than expected rate cut.

Treasuries rose after stocks eventually gave back more than half of yesterday’s notable gains.

The Dow, Nasdaq, and S&P rose in early trade on news that Fannie Mae and Freddie Mac had their capital requirements reduced from 30% to 20% to help liquefy the housing market, but the three indices fell over 2% by the close after rumors surfaced about problems at Merrill Lynch that reignited worries over the financial stability of the system.

Among the big names making news in the market today were Fannie Mae and Freddie Mac, Visa, Goldman Sachs, Morgan Stanley, Lehman Brothers, General Mills, and Adobe.

“All is well in La La Land now that Bear Stearns has imploded. All is well because investment banks can borrow from the Fed for no other reason than to show it is good to borrow from the Fed, and they didn’t need the money.

Spin on use of the Fed loan facility used by major international investment banks to demonstrate that there is no stigma in using it is raving BS. These firms needed the money and media spun it. That is so silly only raging emotions would be moved by it. They borrowed the money from the Fed for the same reasons that every previous loan was made.

Key investment banks using commercial dealers hammer gold, targeting stops and forcing the highly leveraged (margin) mad traders to bail out as Black Box algorithms fire out mindless sell and sell short orders.

Because major investment banks are public companies they cannot make loans at the Fed and fail to inform their shareholders as it is a material event to their balance sheet condition thereby revealing both the degree and time of borrowings.”- Jim Sinclair, More at JSMineset.com

“April Gold finished down 59 at 945.3, 40.2 off the high and 5.3 up from the low.

May Silver closed down 1.515 at 18.445. This was 0.195 up from the low and 1.39 off the high.

The gold market already showed signs of weakness in the prior trading session and with the Dollar managing a slight bounce and oil prices coming under aggressive liquidation pressure it wasn't all that surprising to see gold come apart. Certainly the magnitude of the speculative long built into gold contributed to the washout but something major seemed to have shifted in the markets sentiment. Certainly the broad based selling wave seems to give off the impression of a coordinated washout but it is possible that the trade is either sensing a turn in the Dollar or perhaps renewed concerns that slowing is set to dampen inflationary pressures. It is also possible that some in the gold trade think that the US Fed has done enough to temporarily reduce the financial contagion threat but it is also possible that the broad based washout in gold was the gold markets realization of the potential for recession.

Like a host of other physical commodity markets the silver market seemed to be undermined both technically and fundamentally. Seeing the Dollar bounce, oil and grain prices sharply lower and growing concerns of slowing outside of the US is really a long list of undermining factors and with the recent record rise in silver prices, it isn't difficult to assume that silver prices were overdone. In the end, the silver market on Wednesday was seeing selling impetus from both its financial and physical commodity market angles.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: 2.46 tonnes were added to the trust.

Note: Change in Total Tonnes from yesterday’s data: 30.81 tonnes were added to the trust.

South Africa's power situation, Aurizon’s (AZK) 2007 financial results, NovaGold’s (NG) senior notes offering, Atna’s (ATN.TO) closed merger with Canyon (CAU), Endeavour’s (EXK) CFO change, and Great Panther’s (GPR.TO) upgraded resource estimate were among the big stories in the gold and silver mining industry making headlines today.

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

Odyssey Announces Consolidation Proposal - More
- March 19, 2008 | Item | E-mail

Scorpio Announces Termination of Merger Between Scorpio Gold and BacTech - More
- March 19, 2008 | Item | E-mail

MacMillan Appoints VP Exploration for Peru - More
- March 19, 2008 | Item | E-mail

Buchans River's joint venture partner Prominex Resource intersects 6.87 metres of 19.8% base metals at Tulks Hill - More
- March 19, 2008 | Item | E-mail

Queenston Closes $10 Million Financing - More
- March 19, 2008 | Item | E-mail

Petaquilla Minerals Ltd. Retains Manager for Molejon Gold Mine - More
- March 19, 2008 | Item | E-mail

Sunridge Closes Private Placement - More
- March 19, 2008 | Item | E-mail

Timminco Added to S&P/TSX Composite Index - More
- March 19, 2008 | Item | E-mail

JNR Announces Results of 2007 Way Lake Exploration Program - More
- March 19, 2008 | Item | E-mail

New Island and Anaconda Update Pine Cove Development and Exploration - More
- March 19, 2008 | Item | E-mail

BacTech Announces Termination of Proposed Merger With Scorpio Gold Corporation - More
- March 19, 2008 | Item | E-mail

Mantis Minerals Announces Orphan Diamond Drill Program - More
- March 19, 2008 | Item | E-mail

Globex Mining Enterprises Inc./Blackcliff Property: Up to 5.89 g/t Au Over 7.4 M - More
- March 19, 2008 | Item | E-mail

Rockcliff's Airborne Survey Identifies Untested Anomalies at its Snow Lake VMS Project, Manitoba - More
- March 19, 2008 | Item | E-mail

Farallon Provides Update on Banking Arrangements - More
- March 19, 2008 | Item | E-mail

Duran Ventures and MacMillan Gold Expand Exploration Land Position in Peru by 654% - More
- March 19, 2008 | Item | E-mail

Victory Nickel Defines Deep Drill Targets with Geophysics at Minago Project - More
- March 19, 2008 | Item | E-mail

Gold Resource Corporation Returns 1M of 23.5 G/T Gold, 422 G/T Silver, 1M of 17.6 G/T Gold, 2230 G/T Silver and 1M of 8.07 G/T Gold, 2090 G/T Silver Within 14M - More
- March 19, 2008 | Item | E-mail

Altai's Malartic Gold Property: Up to 5.89 g/t Au Over 7.4m - More
- March 19, 2008 | Item | E-mail

East West and Temex Detect Airborne EM Conductors South of Noront Double Eagle Discoveries - More
- March 19, 2008 | Item | E-mail

Minterra Announces $750,000 Private Placement - More
- March 19, 2008 | Item | E-mail

Pancontinental Uranium and Crossland Uranium Mines Add Prospective Area to Chilling Project - More
- March 19, 2008 | Item | E-mail

Universal Uranium Ltd. Appoints Wilton to Newly Created Geological Advisory Board - More
- March 19, 2008 | Item | E-mail

Pershimco and Tara Gold Settlement on the Las Minitas (Mexico) Option Agreement - More
- March 19, 2008 | Item | E-mail

SHM Announcement-Geological La Santas - More
- March 19, 2008 | Item | E-mail

C2C Intersects up to 5.89 g/t Au Over 7.4 m in the # 2 Vein Zone of the Blackcliff Property - More
- March 19, 2008 | Item | E-mail

Diamond Drilling Harker Property - More
- March 19, 2008 | Item | E-mail

S.Africa faces more power cuts, but crisis averted - "South Africa's power situation has improved after a two-day crisis that threatened supplies to mines, state electricity firm Eskom said on Wednesday, but rolling blackouts were set to continue." More
- March 19, 2008 | Item | E-mail

Lundin Mining Releases Fourth Quarter 2007 Results - More
- March 19, 2008 | Item | E-mail

Radius Options Its San Pedro Gold Project to Vannessa Ventures - More
- March 19, 2008 | Item | E-mail

Gold Price at Approx $1000 USD/oz Confirms Nilam Resources Revenue Projections - More
- March 19, 2008 | Item | E-mail

LOI on Natividad Project Terminated - More
- March 19, 2008 | Item | E-mail

Vannessa signs option agreement with Radius Gold - More
- March 19, 2008 | Item | E-mail

Little Squaw's Chandalar Gold Deposit Indicated as Economically Viable - More
- March 19, 2008 | Item | E-mail

Vannessa signs option agreement with Radius Gold - More
- March 19, 2008 | Item | E-mail

Copper Reef Intersects 92.3 Ft of Mineralization at Depth - More
- March 19, 2008 | Item | E-mail

Buffalo Gold Starts Drill Program to Expand Furtei Resources - More
- March 19, 2008 | Item | E-mail

Endeavour Announces Change of CFO for Health Reasons and New Appointments To Senior Operations Team - "Endeavour Silver Corp. (EDR: TSX, EXK: AMEX, and EJD: Frankfurt) regrets to announce that Bill Franklin will be stepping down as CFO, effective March 31, 2008, for health reasons. Mr. Franklin has agreed to be available as needed thereafter in a consulting capacity, subject to his recovery to better health." More
- March 19, 2008 | Item | E-mail

Great Panther Receives Upgraded Mineral Resource Estimate for La Gloria Zone at Mapimi Silver-Lead-Zinc Property - "GREAT PANTHER RESOURCES LIMITED (Toronto:GPR.TO - News) is pleased to announce that Wardrop Engineering (Wardrop) of Vancouver, B.C. has delivered an updated NI 43-101 compliant mineral resource estimate for the La Gloria / Las Palmitas Zones on the Company's Mapimi Project in northeastern Durango State, Mexico. The new estimate has effectively upgraded the previous resource of 22.3 million silver equivalent ounces (Ag Eq Oz) from the Inferred to the Indicated category and added an additional 6.3 million Ag Eq Oz in the Inferred category for a global resource of 28.6 million recoverable Ag Eq Oz." More
- March 19, 2008 | Item | E-mail

Copper Fox announces Schaft Creek progress - More
- March 19, 2008 | Item | E-mail

Temex and East West detect airborne EM conductors south of Noront Double Eagle discoveries - More
- March 19, 2008 | Item | E-mail

Tara Gold Announces Las Minitas Settlement and Reaffirms 100% Control of the Expanded Gold-Silver Property - More
- March 19, 2008 | Item | E-mail

KDX Confirms Gold Intercept of 0.37 oz/ton (12.7 g/t) over 25 feet (7.6 m), Including 1.47 oz/ton (50.3 g/t) Over 5 feet (1.5 m) - More
- March 19, 2008 | Item | E-mail

Noront Resources Ltd.: Near Surface High Grade Drill Hole at Windfall Lake - More
- March 19, 2008 | Item | E-mail

Murgor reports 4.18 ounces per ton gold over 3.22 metres at the Windfall Property, Northwestern Quebec - More
- March 19, 2008 | Item | E-mail

Results for 2007 - Strong financial performance - $43.6m operating cash flow - $219m cash balance - Solid platform for growth - More
- March 19, 2008 | Item | E-mail

Azimut's partners start two drilling programs totalling 5,250 m on the Eleonore South and Opinaca A gold properties, James Bay region - More
- March 19, 2008 | Item | E-mail

Everton Commences 2,500-Meter Drill Program - James Bay, Quebec - More
- March 19, 2008 | Item | E-mail

Anaconda and New Island Update Pine Cove Development and Exploration - More
- March 19, 2008 | Item | E-mail

Atna and Canyon Announce Closing of Merger - "Atna Resources Ltd. ("Atna") (TSX:ATN - News) and Canyon Resources Corporation ("Canyon") (AMEX:CAU - News) today announced the closing of the merger as of March 18, 2008 pursuant to the Agreement and Plan of Merger dated November 16, 2007. Atna has acquired all of Canyon's issued and outstanding shares of common stock, warrants and debentures. Canyon is now a wholly owned U.S. subsidiary of Atna." More
- March 19, 2008 | Item | E-mail

Breakwater and Virginia Provide Update on Coulon JV Project - More
- March 19, 2008 | Item | E-mail

Osisko Intersects 107m Averaging 1.47 G/T Au at Depth in Norrie Zone On Golden Valley Mines Malartic CHL Property - More
- March 19, 2008 | Item | E-mail

Virginia Mines Inc./Coulon JV Project: Lens 08 Confirmed at Depth With High Grade Values of Up To 12.04% Zn, 0.86% Cu, 86.83 G/T Ag Over 5.7m - More
- March 19, 2008 | Item | E-mail

Houston Lake Mining Intersects High Grade Gold in First Four Drill Holes at Dubenski Property - More
- March 19, 2008 | Item | E-mail

Tournigan's Uranium Targets Continue to Expand - More
- March 19, 2008 | Item | E-mail

Bannerman Resources Appoints David C. Tucker to Board of Directors - More
- March 19, 2008 | Item | E-mail

Amex starts drilling at its Perron Gold Project, Normetal - More
- March 19, 2008 | Item | E-mail

Canadian Zinc Corporation-Final Phase 2 Underground Drilling Results at Prairie Creek Mine: Further Vein and Stockwork Mineralization Intersected - More
- March 19, 2008 | Item | E-mail

Canasia Initiates VTEM Survey at Reed Lake, Manitoba - More
- March 19, 2008 | Item | E-mail

Aurizon Reports 2007 Financial Results - "2007 was another milestone year for Aurizon. Commercial production was achieved at Casa Berardi and a significant mineral resource was outlined at Joanna," said David Hall, Aurizon's President and Chief Executive Officer. "Looking to the future, our growing operating cash flow will enable us to enhance the value of our prospective land holdings. Aurizon is well positioned to capitalize on rising gold prices." More
- March 19, 2008 | Item | E-mail

NovaGold Announces Offering of Convertible Senior Notes - "NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) today announced that it is offering approximately US$100 million aggregate principal amount of its convertible senior notes due 2015 ("Notes") in the United States and Canada pursuant to a preliminary prospectus supplement to its base shelf prospectus dated April 16, 2007. NovaGold will grant the underwriter an option to purchase up to an additional approximately US$15 million of Notes during the period ending 30 days from the closing of the offering to cover over-allotments, if any." More
- March 19, 2008 | Item | E-mail

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